CBDT announced on September 18, 2023, the Tax Audit Due Date for AY 2023-24 that the Form 10B/10BB and ITR-7 filing deadlines will be extended until October 31, 2023. “In its circular, the Central Board of Direct Taxes (CBDT) has extended the deadline for furnishing audit reports in Form 10B/Form 10BB for the Financial Year 2022–2023 from 30 September 2023 to 31 October 2023.” The deadline for submitting the Return of Income in Form ITR-7 for the Assessment Year 2023–24, which was originally set for October 31, 2023, has been extended to November 30, 2023.
Tax Audit Due Date for AY 2023-24
The 31st of July 2023 is the date by which trusts are obliged to have their returns for the fiscal year 2022-2023 filed, even if their finances do not need to be audited. The Tax Audit Due Date for AY 2023-24 deadline to submit your income tax return (ITR) will be the 31st of October 2023 if the trust’s finances are needed to be audited. In the event that the trust is obliged to provide a report in Form No. 3CEB in accordance with Section 92E, the deadline for submitting the income tax return will be on November 30, 2023
In terms of individual income tax returns (ITRs), India shattered all previous records during FY 23–24. As of July 31, a record 6.77 crore income tax returns 53.67 lakh of which were submitted by first-time filers had been filed for the Tax Audit Due Date for AY 2023-24. There were more than 6.77 crore ITRs for AY 2023–24 submitted as of July 31, 2023, which is 16.1% higher than the total ITRs for AY 2022–23 (5.83 crore) filed as of July 31, 2022, according to a statement provided by the income tax department.
How to Pay Income Tax after the due date?
You will still be able to file your return and pay your taxes beyond the deadline if you failed to do so before. On the other hand, interest and a late filing penalty will be assessed when submitting an ITR. There is a five-rupee penalty for the late submission of the return. The cost is Rs 1,000 if the individual’s total income is less than Rs. 5 lakh
What Happens if you miss the ITR filing deadline?
- Interest: If you file your return after the deadline, Section 234A will require you to pay interest on the amount of unpaid taxes at a rate of one percent each month or part of a month.
- Late fee: If you file after the deadline, Section 234F charges a Rs. 5,000 late fee. If you earn less than Rs. 5 million per year, your tax obligation will be reduced to Rs. 1,000.
- Loss Adjustment: If you experience losses from investments in stocks, mutual funds, real estate, or any of your enterprises, you may carry those losses forward and deduct them from your income the following year. By using this provision, your future tax burden will be significantly reduced. If, on the other hand, you fail to file your ITR before the deadline, you will not be permitted to carry forward these losses.
- Belated Return: You may submit a return after the deadline, known as a delayed return if you miss the ITR filing deadline. You cannot, however, carry over any losses for future adjustments, and you will still be responsible for paying the interest and late fee. Unless the government extends the deadline, the assessment year’s last day to file a delayed return is December 31st. Consequently, you may file the late return for this year by no later than December 31, 2023.
How to revise income tax returns before the due date?
Under Section 139(5), the taxpayer may use the updated return to amend the first return that was submitted. The amended return may be submitted using the same process as the first return. On the other hand, Section 139(5) requires the taxpayer to file the ITR. While editing the return, the full e-verification procedure must be finished.
How to revise income tax returns after the due date?
The amended return under $139(5) may be used by the taxpayer to amend the original return if they so choose after the deadline. A late return may be submitted by December 31st of the assessment year at the latest.
Once this deadline has passed, taxpayers are unable to submit any returns. If an extraordinary circumstance prevented you from filing the return, you may still request under Section 119 from your A.O. authorization to submit previous returns.
Who needs to get an income tax audit report?
Any professional with revenues over Rs 50 lakh and any firm with an annual turnover surpassing Rs 1 crore are required to have their taxes audited.
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